Assume a Roots outlet store began August 2017 with 40 units of inventory that cost $30 each. The sale price of these units was $60. During August, the store completed the following inventory transactions Date Type Units Unit Cost Unit Sale Price Aug 3 Sale 16 $30 $60 Aug 8 Purchase 70 31 62 Aug 11 Sale 24 30 60 Aug 19 Sale 8 31 62 Aug 24 Sale 30 31 62 Aug 30 Purchase 28 32 73 Aug 31 Sale 15 31 62 Requirements 1. Determine the stores cost of goods sold for August under the periodic inventory system. Assume the FIFO method. 2. Compute gross profit for August.